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(ALGOUSD 1W Chart) - Mid-Long-Term Perspective
Above 0.76754798 point: Expected to create a new wave.
First resistance section: near point...
Despite the decline across the market ALGO is one of the few coins which didn't dump hard, this shows us buyers are holding strong, we can see a wick below the trendline and horizontal support which would of " stop hunted " traders which already entered long with there stops below the structure, now the liquidity has been removed i don't see why a breakout and...
Monthly Chart shows Ascending triangle. Current price is in a consolidation phase that will allow price to break out of lower side of rising wedge. after rising wedge is completed we have an ascending upward channel that is expanding on the top side that will allow break out of the ascending triangle.
Expect a massive dip. and then enjoy the ride to new...
I use history to help guide my buys. Picture tells the story, this drop is no surprise, institutions taking large profits after 1 year. Can still go lower, but could bounce if enough Pleb interest. I suspect a January drop after interest is paid on governance, IMO.
Stay well! Happy wealth, family and prosperity!
I have drawn up some Fib circle describing a bullish move to a spot that has been a previous trend rejection point (red ovals)
Price comparison points can be drawn between the green ovals
Major trendline in bold white line
The Cup and Handle pattern is an addition that supports the bull idea
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Have been a big fan of Algorand here lately. Hard to find the channel, it's subject to change. However if it were to stay in this current channel then outlook for the next few years looks promising and a good buy and hold coin.
$Algo #Algorand broke above .382 fib level that has acted as LTF resistance. Retesting the level as support and if it can swing back and close a H4 above .5, then swing to 2.35 is likely with more upside potential.
Good R:R here IMO. Bitcoin needs to hold 56k for this to play out...
Top 10 trading tips:
1. DO NOT FOMO into...
Potential upside targets at $3, $3.20 (wick high) and $3.37. I want price to dip back into that entry zone one more time but we'll see. Downside $0.70 if price action craves the dip with an Algo wick...
ALGO appears to have a 3rd test of the 50 RSI (third time’s the charm) on the way as well as the MACD curling up, histogram is lightening. The triangle looks ready to pop and has reached its apex.
Unfortunately, the daily moving averages don’t seem to be giving any signs at least to me, so please point it out if you see something.
Despite this I’m overall...
Algo entering reaccumulation, final levels before it starts to move. Let's see if this level holds. Algo is following structure well. Once the market picks back up we should know better with the overall look. I see 2.80 as a near term target